A prominent analyst announces a key price target for Bitcoin in the coming months, believing the benchmark cryptocurrency is a reflection of the 2017 bull market.

The person known in the industry as TechDev told its 107,500 followers that Bitcoin’s current price action (BTC) looks very similar to its parabolic rally in 2017, as it rose from under $ 4,000 to $ 20,000 in just a few months.

“After 140 days, Fractal 2017 continues to accurately predict the daily price movement of Bitcoin. It’s better than most of the TAs (technical analysis) I’ve seen. “

The source: TechDev / Twitter

Based on the analyst’s chart, Bitcoin could soar to a new all-time high of $ 180,000 by the end of 2021 if it continues to follow the 2017 bull cycle.

Upon closer inspection of the daily chart, TechDev highlights further similarities between the two cycles in terms of price and duration. He said that Bitcoin apparently made higher highs and higher lows at the same Fibonacci levels it maintained over the $ 1,750 to about $ 6,000 period from July 2017 to October 2017.

“Amazing resemblance”.

The source: TechDev / Twitter

TechDev adds that the similarities between the two cycles can also be seen on the weekly chart. He said Bitcoin is currently hesitating after a strong three-week rally that looks very similar to Bitcoin’s October 2017 performance.

2017 vs. 2021 #BTC

Undecided weekly candle on exactly the same week after 3 strong, after a similar upswing, after the mid-cycle low of 1,272.

It was just barely any other color. Will be delving deeper soon.

Macros = 2013
Micro = 2017 since June

Listen to it. pic.twitter.com/m7Pd8c6tIh

– TechDev (@ TechDev_52) October 25, 2021

If Bitcoin continues to move in its 2017 bull cycle, the total capitalization of the crypto market could soar to $ 11 trillion by early 2022, according to TechDev.

“The entire crypto market capitalization has moved like the bull market of 2017 since mid-August.”

The source: TechDev / Twitter

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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